If you haven't filed your taxes yet, you don't have much time left.
The last day to file a return for the 2017 tax year is Tuesday, April 17.
The usual tax deadline is April 15th, but this year, the 15th fell on a Sunday. When that occurs, the deadline normally moves to Monday. However, Monday is Emancipation Day, also known as a federal holiday. Therefore, the deadline was pushed to Tuesday, April 17th.
If you haven't filed your taxes yet, you're not alone. CBS News reports that around 50-million taxpayers have actually spent the past week scrambling to file their returns.
The IRS expects to receive around 17-million tax returns this week. When it comes to filing an extension, the IRS predicts to see around 11-million extension requests. If you request and are granted an extension, you'll have until October 15th.
If you owe money, you'll need to get that in by Tuesday as well or else you can expect to pay late payment penalties. When it comes to paying your taxes, the IRS offers several options on their website. The IRS says electronic payment options are the quickest and easiest payment options.
This is the last time taxpayers will file under the former tax code.
In December 2017, President Donald Trump signed the Tax Cuts and Jobs Act which will bring several changes to the tax filing process.
"The IRS and tax system is one of the worst systems in the federal government and that's why we wanted to make it as simple for people as we could," U.S. Representative Buddy Carter said.
According to Congressman Carter, taxpayers will use a simpler form next year. They also won't have to show proof that they have health insurance. He says lawmakers repealed the individual mandate. In addition, the child tax credit will double next year.
"I really do like increasing the child tax credit. This is something that helps working families which was important to us," Congressman Carter said.
To find out more and to pay your taxes online now through the IRS website, click here.
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